It’s important for every person to have some type of health insurance coverage to keep themselves protected. However, far too many people still aren’t covered by an insurer. In fact, many people aren’t even familiar with a number of basic insurance facts. This lack of knowledge is probably due to the fact that tens of millions of people have never had health insurance. Whatever the case may be, the following will go over a few of the basics.
Don’t Focus Too Much On The Deductible
Most people know that the insured have to pay some out-of-pocket amount whenever they visit the hospital. Like any insurance policy, the higher your deductible is the lower your premium payments will be. Healthy people shouldn’t mind setting their deductibles a little higher to keep their premiums low. That being said, save money on your monthly payments by raising your deductible above $5,000. A Health Insurance Agent in Kansas City KS can assist with determining your monthly payments.
The Difference Between Coinsurance And Copay
Many people mistakenly believe that copay and coinsurance are interchangeable terms, but this couldn’t be further from the truth. A co-payment is a fixed amount that an insured party agrees to pay an insurance provider whenever they seek treatment from a physician. With coinsurance, even after paying the deductible, a person will have to pay a percentage of the total charges.
Out-of-Network Care Can Cost You
When signing up with a health insurance agent in Kansas City KS a person agrees to only receive care from those physicians within their designated network. This designated network consists of physicians who have also signed contracts with various insurance companies. Seeking care from physicians outside of this network could force a person to pay a higher coinsurance. In fact, it’s possible for an insurance company to force a person to pay 100 percent of the bill from an out-of-network physician.
Hopefully this has provided you with a better idea of how health insurance plans work. Contact us to learn about the insurance options that are available. Again, you can lower your monthly premiums by taking a chance and increasing your deductible. Remember that a co-payment and coinsurance aren’t the same things. Lastly, patients should think twice before seeking treatment from a physician outside of their agreed network.
